Trulieve Cannabis (TRLV) Financial statements
Trulieve Cannabis reported revenue of $1.2B in fiscal 2025, up 29.3% a year over 6 years.
Key figures
Net income was -$116M and the operating margin 12.1%, against 44.8% in 2019. Free cash flow was $212M. The diluted share count rose 66% over the period (dilution).
- Revenue, FY2025
- $1.2B-0.4% on 2024
- Net income
- -$116M-25.0% on 2024
- Operating margin
- 12.1%
- Free cash flow
- $212M+71.5% on 2024
Revenue and free cash flow
Fiscal years, from Trulieve Cannabis's 10-K filings.
Trulieve Cannabis revenue and free cash flow
FY2019–FY2025Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Trulieve Cannabis margins
FY2019–FY2025Financial statements
Fiscal 2019–2025.
Trulieve Cannabis income statement, fiscal 2019–2025
| USD | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $253M | $522M | $932M | $1.2B | $1.1B | $1.2B | $1.2B |
| Cost of revenue | $61M | $135M | $365M | $529M | $541M | $471M | $470M |
| Gross profit | $192M | $386M | $567M | $689M | $589M | $716M | $711M |
| Selling, general and admin | $73M | $155M | $311M | $447M | $386M | $510M | $445M |
| Operating income | $113M | $218M | $204M | $50M | -$222M | $98M | $143M |
| Interest expense | $9M | $20M | $29M | $73M | $82M | $62M | $63M |
| Pre-tax income | $104M | $157M | $176M | -$19M | -$285M | $43M | $91M |
| Income tax | $51M | $94M | $146M | $163M | $151M | $198M | $208M |
| Net income | $53M | $63M | $17M | -$246M | -$527M | -$155M | -$116M |
| EPS (diluted) | $0.46 | $0.53 | $0.21 | -$0.95 | -$2.28 | -$0.79 | -$0.58 |
| Diluted shares | 115M | 118M | 147M | 188M | 189M | 190M | 191M |
| Gross margin | 75.9% | 74.1% | 60.8% | 56.6% | 52.1% | 60.3% | 60.2% |
| Operating margin | 44.8% | 41.9% | 21.9% | 4.1% | -19.6% | 8.2% | 12.1% |
| Net margin | 21.0% | 12.1% | 1.9% | -20.2% | -46.7% | -13.1% | -9.9% |
Trulieve Cannabis balance sheet, fiscal 2019–2025
| USD | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $92M | $147M | $227M | $207M | $201M | $299M | $256M |
| Receivables | — | $308,000 | $9M | $7M | $7M | $8M | $10M |
| Inventory | — | $98M | $212M | $277M | $213M | $231M | $242M |
| Total current assets | — | $261M | $524M | $594M | $477M | $605M | $563M |
| Property, plant and equipment | — | $314M | $780M | $743M | $676M | $716M | $670M |
| Goodwill | $7M | $67M | $765M | $791M | $484M | $484M | $484M |
| Total assets | — | $810M | $3.4B | $3.4B | $2.7B | $2.9B | $2.7B |
| Total current liabilities | — | $76M | $169M | $210M | $115M | $138M | $127M |
| Long-term debt | — | $4M | $453M | $529M | $359M | $361M | $133M |
| Total liabilities | — | $362M | $1.3B | $1.5B | $1.3B | $1.6B | $1.6B |
| Shareholders' equity | $133M | $448M | $2.1B | $1.9B | $1.4B | $1.2B | $1.1B |
| Net debt | -$92M | -$141M | $236M | $334M | $162M | $126M | -$119M |
Trulieve Cannabis cash flow, fiscal 2019–2025
| USD | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $19M | $100M | $13M | $23M | $202M | $271M | $273M |
| Capital spending | $72M | $100M | $280M | $174M | $51M | $148M | $61M |
| Free cash flow | -$53M | -$298,000 | -$267M | -$151M | $151M | $124M | $212M |
| Stock-based compensation | — | $3M | $9M | $18M | $11M | $20M | $20M |
| Free cash flow margin | -20.9% | -0.1% | -28.6% | -12.4% | 13.4% | 10.4% | 18.0% |
How Trulieve Cannabis compares
Trulieve Cannabis's operating margin is higher than 35% of Healthcare companies and 14% of the 2,820 companies with an operating margin figure.
| Higher than | Healthcare | All stocks |
|---|---|---|
| Operating margin | 35% | 14% |
| Net margin | 31% | 10% |
| Gross margin | 45% | 72% |
| Revenue growth | 18% | 9% |
| ROE | 23% | 8% |
Questions about Trulieve Cannabis
What was Trulieve Cannabis's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Trulieve Cannabis generate?
$212M in fiscal 2025 (operating cash flow minus capital spending).
From Trulieve Cannabis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.